Moneff founder says EMIs are challenging SME corporate banking

Small and medium-sized companies are increasingly looking beyond traditional corporate bank accounts as they seek faster access to payments, multi-currency services and clearer foreign exchange costs, according to Sanjar Mavlyanov, chief executive and founder of Moneff. In an external opinion published by Finextra, Mavlyanov said electronic money institutions, or EMIs, are gaining relevance for SMEs whose operations now span suppliers, staff and customers across several markets.

Mavlyanov contrasted the established branch-based banking model, which he said has often required extensive paperwork and long approval times, with digital onboarding offered by EMIs. He said traditional account-opening processes can leave business owners waiting about a month for approval, delaying operations and revenue.

EMIs, as described by Mavlyanov, use automated data checks and digital risk assessment tools to reduce onboarding times from weeks to hours. In his account, a company can register online, submit corporate documents through a secure channel and obtain a functioning account within a day, subject to the provider’s checks.

How EMI accounts differ

Electronic money institutions provide payment accounts and related services under a regulatory model distinct from conventional deposit-taking banks. Mavlyanov’s argument focuses on the operational features that matter to SMEs: rapid account setup, currency handling and transaction transparency.

For companies trading internationally, he said a single multi-currency platform can replace the need to maintain separate banking arrangements in multiple jurisdictions. Such accounts can allow businesses to hold, receive and send funds in currencies including euros, sterling and US dollars, while using dedicated local IBANs.

Mavlyanov said this structure may reduce friction for overseas counterparties because clients can make local-style payments rather than relying on cross-border transfers. He cited the example of a UK e-commerce business that buys inventory from Europe, pays technology developers in Asia and sells to US customers.

Foreign exchange costs in focus

The Moneff founder also pointed to foreign exchange as a pressure point for SMEs. He said high-street banks have often applied markups to currency transactions, creating costs for companies that buy and sell internationally.

EMI platforms, according to Mavlyanov, increasingly integrate FX tools that display near-real-time market rates and transaction costs. He said this can give business owners more visibility when converting funds or automating payments, which may help with cash-flow planning.

Mavlyanov framed the shift as part of a broader change in SME finance, with digital tools reducing administrative work that previously absorbed management time. He said traditional corporate banking accounts were designed for a more local and slower commercial environment, while SMEs now need services built for cross-border activity.

Finextra identified the piece as external author content and said it was published without editing, reflecting the views of the author. Mavlyanov is listed by Finextra as a London-based chief executive and founder of Moneff.

This story draws on original reporting from Finextra Research.